Competing for Growth & Profitability: Fresh Thinking & New Research Insights for Takaful Players in Asia The inaugural World Takaful Conference: Asia Leaders Summit (WTC: ALS 2012), which was held on the 13th of June 2012 in Kuala Lumpur Malaysia, saw more than 100 senior executive industry leaders in the regional Takaful industry engage in critical discussions on strategies for competing for growth in an increasingly competitive Asian Takaful market. The World Takaful Conference: Asia Leaders Summit - 2013 A Unique Format Based on New Research Insights for High-Level Debate on the Issues that Really Matter Fresh thinking and new research insights inform the foundation of this unique gathering of industry leaders, with an innovative structure of interactive sessions based on issues emerging from recently released new and original research reports at WTC: Global in Dubai. Research reports include new insights from the Milliman Global Family Takaful Report 2013, and findings from the World Islamic Insurance Directory 2013 developed by Takaful Re and Middle East Insurance Review, together with new research work led by Milliman on the Pension Takaful market. Ernst & Young will also address the strategic landscape of the Takaful industry based on findings from their groundbreaking World Takaful Report. Given the exciting opportunities outlined for the Takaful industry in Asia, the World Takaful Conference: Asia Leaders Summit (WTC ALS 2013), through its unique format backed by original research insights and industry analysis, will gather Senior Executive Leaders in the Asian Takaful industry in a focused environment to discuss and debate the way forward for the regional Takaful industry. The World Takaful Conference: Asia Leaders Summit - A New Initiative for the Takaful Industry in Asia The Malaysian Takaful industry has experienced rapid growth and transformation since its inception 20 years ago. It has grown from an industry comprising of a single player with limited basic products to become a viable industry that has been integrated into the mainstream financial system. According to a recent report by Bank Negara, the Takaful industry experienced a compound average growth rate of 27 percent in terms of net contributions between 2005 and 2010. Given the large untapped market that still exists with only 54 percent of the population having a life insurance or Family Takaful policy, the Takaful industry in Malaysia is poised to benefit in the years ahead on the back of steady demand. As indicated in the Ernst & Young World Takaful Report 2012, Indonesia is rapidly emerging as an important Takaful market. Indonesia, a country with the largest Muslim population in the world, certainly holds significant growth opportunity for Takaful players given the fact that Indonesia still maintains a low insurance penetration rate of less than 2%. Recognizing this potential, local regulators have implemented several guidelines to ensure stable and profitable growth in the Indonesian Takaful market. Similarly Brunei, the nation with the 2nd highest per capita income in the Muslim world, is looking to expand the market share of its Takaful industry, stepping up efforts to promote Takaful products and increase the range of Shari’ah-compliant offerings. The Ernst & Young World Takaful Report 2012 noted that Indonesia and Brunei, together with Malaysia accounts for US$ 2 billion in gross Takaful contributions. Given the exciting opportunities outlined for the Takaful industry in Asia, the World Takaful Conference: Asia Leaders Summit (WTC ALS 2013), through its unique format backed by original research insights and industry analysis, will gather Senior Executive Leaders in the Asian Takaful industry in a focused environment to discuss and debate the way forward for the regional Takaful industry A Unique Research-Based Format: Insights and Discussions Based on New and Original Research Report This innovative and interactive high-level Summit builds on the successful 8 years of history of the World Takaful Conference, which gathers more than 400 senior executive leaders from across the world in Dubai each year. The format of WTC: ALS uniquely utilizes the latest research from the various original research reports, including the Global Family Takaful Report 2013 and the World Islamic Insurance Directory (WIID) 2013, launched at the 8th Annual World Takaful Conference: Global Summit (WTC 2013) in Dubai. To be held on the 18th of June 2013 in Kuala Lumpur, Malaysia under the theme “Competing for Growth & Profitability: Fresh Thinking & New Research Insights for Takaful Players in Asia”, WTC ALS 2013, will channel the critical findings from these unique research-based reports and will outline the big picture industry changing scenarios and seek to tackle the critical issues facing the Takaful industry in Asia. The Global Family Takaful Report 2013 The Global Family Takaful Report is developed by Milliman based on original research into the performance of Family Takaful offerings, the future direction of the market and new opportunities for the growth of Family Takaful across key international jurisdictions. The Milliman Global Family Takaful Report 2013 provides an update of the overall market trends, an insight into the developing Indonesian market, which has witnessed significant growth in Family Takaful during recent years, and a focus on distribution in key Takaful markets in the Middle East and South East Asia. In addition to discussing the findings of the Global Family Takaful Report 2013 and its implications for the Family Takaful market in Asia, Milliman will also be presenting a special research paper on Pension Takaful in Asia and its potential for growth The World Islamic Insurance Directory (WIID) 2013 The World Islamic Insurance Directory (WIID) is a unique reference source for the global Takaful industry to record the growth and development of Islamic insurance institutions. The WIID 2013 is the 7th annual update provides a snapshot on the global Takaful scene, with an insight to financial and management data of Takaful and Re-Takaful operators in key markets. Research Insights from Ernst & Young Recent reports published by global strategic advisory and professional services firm Ernst & Young noted that the Takaful industry has now obtained significant market share versus conventional insurance in most GCC countries as well as South East Asian markets. Though there are a number of drivers behind this growth, the one that is becoming increasingly important is regulatory support through appropriate amendments in legislature to provide a level playing field with conventional insurance companies. Reports from Ernst & Young also indicate that though operational efficiency still remains a key focus for the global Takaful industry, it is also essential to introduce greater standardization in regulatory frameworks across jurisdictions as standardization will enhance clarity around Takaful, its business models and its unique selling proposition, hence allowing the industry to strive towards its true growth potential. Brandon Bruce Sta Maria Partner, Assurance - Insurance Leader Ernst & Young Malaysia Sponsorship & Exhibition Opportunities at WTC ALS 2013 For details on how your organisation can join the market leaders at the World Takaful Conference | Asia Leaders Summit, please contact Yasmeen Shah at [email protected] New Insights to Shape the Future: Special Group Delegate Packages
Posted on: Mon, 10 Jun 2013 12:36:06 +0000
Trending Topics
Recently Viewed Topics
© 2015